Looking for used car loans is your first step to buying a used car. Financing for your car should be in place before you go to the dealership, because if you haven't applied for any used car loans before you go to get your used car, you will have to accept the financing the dealer offers, which is rarely your best deal.

To shop for used car loans, get a copy of your credit report from one of the three main credit bureaus: Equifax, Experian, or TransUnion. If you have your credit information ready when you apply for used car loans, you won't need to have your credit pulled by everyone you apply with for the used car loans, which is important since having your credit pulled repeatedly makes it worse. To properly know your options, you should apply for used car loans with several places. This doesn't hurt your credit and you will have the advantage of comparing rate offers for used car loans.

If you already have a loan and the APR (annual percentage rate) is high, consider refinancing. You can refinance used car loans as soon as three months after you have obtained one, and the fees for doing this are low (about $5-$65, depending on where you live). There's no reason you should stay stuck with a terrible rate. If the loan you have is costing you too much, you can find better used car loans elsewhere.

A great place to look for used car loans is the Internet. You can find the largest volume of suppliers for used car loans in the least amount of time. But don't limit your search for used car loans to the Internet. Check your local bank or credit union as well, they will try to give you good service because they want to keep your business. If you are a home owner, an option to look into is taking out a home equity loan, or line of credit. This will offer some of the lowest rates you can find, especially if you have fairly good credit. Lastly, don't write off the dealership. Although generally speaking they are not your cheapest provider for used car loans, occasionally they're willing to cut you a deal. Know your other options first, but hear what they have to offer.

When you are finding out what rates for used car loans people will offer you, take into account that the APRs for used car loans will be somewhat higher than they are for new car loans. Unfortunately, this is unavoidable, but you will save money in other ways by getting a used car. Used cars cost less, and depreciate less rapidly.

After you've shopped for used car loans, do some research on the vehicle itself, to avoid hidden repair costs. Run a CARFAX vehicle report on the car you're looking at before you buy it. This will tell you if the car has been in any major accidents, if the odometer is accurate, and more. And when closing the deal, do not sign an “as is” agreement, if you do, the car could break down on your way home and you'd be out of luck.

When you've looked at used car loans, and found the car you want, your main remaining decision is how long to extend the term of your loan. Like new car loans, used car loans require less of your money in interest the shorter the term, so keep it as short as you can. By comparison shopping and taking the right precautions, make your car transaction an investment and not a loss.